10 Cities Where Homes Are Selling for the Most Over Asking Price

The age old American dream of buying a home has certainly gotten more expensive. The main reasons are that mortgage rates are still pretty high, and low housing inventory has kept home prices much higher compared with before the COVID-19 pandemic.

The median sale price for a U.S. home was $433,229 as of August, according to Redfin. This represents a 3.1% year-over-year median price increase. To put this into perspective, the median sale price was just about $304,000 in March 2020, at the onset of the pandemic. Today, the average home costs about 42.5% more.

Home buyers in 10 cities in particular are contending not just with high asking prices, but also with sale prices that far exceed those asking prices, according to a new report from Realtor.com.

Here are the cities where you’ll pay the largest premiums to buy a home.

• Median sale price: $1.3 million
• Percent over asking price: 6.2%

• Median sale price: $210,000
• Percent over asking price: 4.8%

• Median sale price: $260,000
• Percent over asking price: 4.3%

• Median sale price: $1.15 million
• Percent over asking price: 3.6%

• Median sale price: $220,000
• Percent over asking price: 3.1%

• Median sale price: $350,000
• Percent over asking price: 2.7%

• Median sale price: $375,000
• Percent over asking price: 1.9%

• Median sale price: $499,000
• Percent over asking price: 1.6%

• Median sale price: $379,950
• Percent over asking price: 1.3%

• Median sale price: $949,950
• Percent over asking price: 1.1%